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EDC Minutes November 18, 2005 Page 2 TIF is not a long-term funding source and should be used to strengthen the redevelopment efforts within the corridor. Jaker agreed with Belting, indicating that while street improvements are very important, perhaps TIF dollars should not be used for street improvements outside of the corridor. Chair Johnson suggested it may be a good idea to formulate some suggested guidelines for utilizing TIF dollars on general street reconstruction projects, if in fact the EDA is leaning in that direction. Johnson felt the presentation and preparations done by the Ehlers’ staff was excellent. Belting reminded the Commission of the “use it or lose it” aspect of the captured increment, in that the City needs to identify and obligate the TIF dollars to specific projects or risk losing the funds altogether. Ericson confirmed this to be the case. 6. REPORT OF COMMISSIONERS, STAFF AND EDA LIAISON A. Johnson reviewed articles that were reported in a recent issue of the local Focus newspaper relating to the hire of Bruce Nustad as president of the Twin Cities North Chamber of Commerce and another which reported that the Schwan’s Cup youth soccer tournament had been named the best single sport amateur sports event in the country by Sports Travel Magazine. The Schwan’s Cup is the largest youth soccer tournament in the Western Hemisphere. The event is held annually at the National Sports Center in Blaine, which, at 602 acres, holds the distinction of being the largest amateur sports facility in the world. B. Reports of Staff: 1. Update on Medtronic CRM Corporate Campus: Ericson provided an update on the Medtronic project, beginning with actions approved by the City Council on November 14, 2005 which included the final plat, the rezoning ordinance, the ordinance to vacate the excess right of way and easements, and the wetland alteration permit. Ericson spoke about golf course auction held on November 9, reporting that almost every item sold with the exception of the golf course greens. The City received a check in the amount of $123,000 as auction proceeds, more than what it had been expecting. The auction was very well organized with good turn-out in spite of being cancelled and rescheduled. Finally, Ericson reported that the Medtronic groundbreaking was scheduled for December 7th and that he assumed all the EDC members would be invited. 2. Update on SYSCO Minnesota Parking Expansion: Ericson explained that there was nothing new to update on the project, which in itself is worth noting. The Ramsey County board of commissioners will be voting to “turn-back” the excess Long Lake Road right of way that bisects the SYSCO site, which the City would then vacate to create one single lot. Other issues relative to the project have been raised by the Met Council and the DNR, who feel the expansion is inconsistent with the City’s adopted Bridges AUAR. Because of this, the Met Council has not approved the Comp Plan amendment necessary for the three acre expansion. 3. Snyders Redevelopment: Ericson reported that construction is moving forward smoothly and that they are planning a December 17th store opening. He indicated that the redevelopment is an excellent example of the type of redevelopment needed in the corridor yet often difficult to achieve without City involvement.